Bitcoin, ethereum price as US accuses Bankman-Fried of bribery
Bitcoin and Ethereum have gained over 4% in the past 24 hours as fallen crypto tycoon Sam Bankman-Fried has bribery charges added to the 12 existing charges against him.
The cryptocurrency’s market cap has risen 4.3% to $1.22m (£0.99m), according to data from Coingecko.
Read more: Crypto roundup: US indicts Sam Bankman-Fried | Binance Meets CFTC | Bitcoin price
Bitcoin (BTC-USD) rose 4% to $28,098, with ether (ETH-USD) up 4.4% to $1,808.
Altcoins are also in the green, with Polygon (MATIC-USD) up 8.4% to $1.14 and XRP (XRP-USD) rising 16.5% to $0.55.
The CFTC declares Eethereum and llitecoin as commodities, as Bbitcoin
The US Commodities Futures Trading Commission (CFTC) has stated that, along with bitcoin, it is classifying ethereum and litecoin as commodities, which would see them recognized as tradable assets, similar to gold or oil.
The CFTC claimed in its lawsuit against Binance on Monday that the cryptocurrency exchange had engaged in transactions of “digital assets that are commodities including bitcoin (BTC), ether (ETH) and litecoin (LTC) for persons in the United States”.
CCFTC Chairman Rostin Behnam reiterated during a congressional hearing on Tuesday that he believes ethereum is a commodity, adding that “because they are listed on CFTC exchanges, we have a regulatory relationship, obviously with the derivatives market and that product, but the underlying market . too”.
Lawmakers questioned whether Behnam still intends to create space for crypto innovation in the United States, as he had previously expressed.
“It should definitely be a priority,” he replied, adding that Europe has established a comprehensive framework to be implemented in the coming years, stressing that the US should not fall behind when it comes to innovation.
If ether is officially classified as a commodity, it can have more freedom and flexibility in terms of development and use.
Sam Bankman-Fried accused of bribery by US prosecutors
On Tuesday, US prosecutors filed a revised indictment against Bankman-Fried, accusing him of paying $40 million in bribes to Chinese government officials to gain access to frozen trading accounts for Alameda Research.
Alameda Research was the sister company of the collapsed FTX cryptocurrency exchange, and was also registered in the Bahamas.
Read more: Crypto live prices
The revised indictment states that Bankman-Fried persistently sought to release the frozen accounts associated with Alameda Research, which involved hiring lawyers to defend the company’s interests in China.
“In or about November 2021, Samuel Bankman-Fried, a/k/a ‘SBF’, the defendants and others directed and caused the transfer of at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese officials in order to influence and obtain them to unlock the accounts, it says.
See: Get Your Money From Exchanges’ Bitboy Crypto Warns After FTX Scandal | Crypto Mile
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